Tired of mundane digital collectibles? Consider bringing some spark to your collection with BTC digital artifacts. The world of NFTs takes a fascinating turn in 2023 with the rise of ordinal theory, a fresh protocol garnering significant attention. This concept allows every satoshi, Bitcoin’s smallest unit, to be ranked, ordered, recorded, and individually transferred. What’s more, each satoshi can be embedded with unique, unalterable data stored entirely on the blockchain.
Even an uninscribed satoshi can have its rarity assessed based on its blockchain ranking. When you think of the safest, most proven, and decentralized blockchain out there, Bitcoin, you realize the potential of creating digital treasures is limitless.
Ordinal Theory: Redefining Rarity
Ordinal theory proposes a novel method of numbering and tracking individual satoshis using a numbering system known as ordinal numbers. These are assigned according to the order of mined and transferred satoshis during transactions. Different ordinal numbers such as integer, decimal, degree, and percentile notations can be represented.
A central part of the ordinal theory’s appeal is the potential for creating various rarity levels for satoshis based on the timing of certain events on the Bitcoin network, such as block mining, difficulty adjustments, and halvings. The rarity levels range from the Common to the Mythic, providing a plethora of opportunities for collectors and traders alike.
Common: This applies to any satoshi, not the first sat of its block. These are the most common sats in Bitcoin and can be found in almost every transaction.
Uncommon: The first satoshi of each block. These sats are relatively rare since only about 144 new blocks are added to the Bitcoin blockchain daily.
Rare: This is the first satoshi of Bitcoin’s difficulty adjustment period. It occurs every 2016 blocks, or every two weeks.
Epic: The first satoshi of each halving epoch. A halving epoch occurs every 210,000 blocks, or approximately every four years.
Legendary: The first satoshi of each cycle. A cycle is a longer term Bitcoin market cycle that spans from one halving to the next.
Mythic: The first satoshi of the Genesis block. This is the first ever Bitcoin transaction, which was included in the very first block of the Bitcoin blockchain. Mythic sats are the rarest of all, occurring only once in the entire history of Bitcoin. On December 14th, 2022, artist and programmer Casey Rodarmor, who launched the Bitcoin ordinals protocol, inscribed pixel art of a skull as the genesis ordinal.
Inscriptions: Embedding Uniqueness
Imagine having a remarkable video to share with the world. Now, you can “inscribe” it onto the Bitcoin blockchain through ordinal inscriptions. It functions as a unique digital artifact, much like an NFT, but is completely built on the Bitcoin network without needing an additional token or sidechain.
After the inscription of your digital content onto the blockchain, it becomes an enduring, unmodifiable record. This immutable nature guarantees that your content remains authentic and original, facilitating any buying or selling activities.
The Art of Creating Ordinal Inscriptions
Depending on your level of comfort with programming, there are different ways for you to create ordinal inscriptions:
Beginners: Consider OrdinalBots, a platform that handles all the coding for you; all you need to do is unleash your creativity.
Intermediate users: If you’re comfortable with coding, check out the Ordinals API on GitHub, a developer-friendly platform that’s accompanied by an engaging dev community.
Advanced users: If you’re a programming veteran, and you fully understand the rules of the ordinal theory, you can follow the steps provided to immortalize your masterpiece on the Bitcoin blockchain.
The Bitcoin Community's Mixed Response to Ordinals
Not surprisingly, the Bitcoin community is divided over ordinals. Some people believe they add value by offering more financial use cases for Bitcoin, while others think they deviate from Satoshi Nakamoto’s original vision of Bitcoin as a peer-to-peer cash system. Critics also worry about the protocol’s potential to consume valuable space on the Bitcoin network and increase transaction fees.
As always, before embarking on your journey into the realm of valuable satoshis, make sure to do your due diligence and research thoroughly.